Former Penn State President Graham Spanier, who was recently charged in relation to the Jerry Sandusky sex abuse case, had a total taxable income of more than three million dollars in 2011, according to a statement released via Penn State Live.
The university reported that Spanier’s total taxable income in 2011 totaled $3, 255,762, according to the statement.
This total includes his $700,000 annual salary, $82,557 of taxable benefits and nonrecurring compensation of $2,473,205.
The nonrecurring compensation was entitled to Spanier as a part of his employment agreement of 2010, according to the statement.
The nonrecurring compensation includes severance payments of $1,225,000 as well as $1,248,205 of deferred compensation — income that was earned by Spanier during his presidency that is paid at a later date than when it was actually earned.
Payment of the net amount of the deferred compensation after required tax withholdings will be postponed until June 2017, according to the statement.
Earlier this month, Spanier was charged in relation to the Jerry Sandusky sex abuse case with perjury, child endangerment, obstruction of justice and failure to report suspected abuse, as well as conspiracy to commit the previously mentioned crimes, as previously reported.
The former Penn State assistant football coached was found guilty of 45 out 48 charges of sexual abused and sentenced to serve 30 to 60 years in prison in October.
Spanier was removed from his position as president on Nov. 9, 2011, according to the Penn State Board of Trustees, but the former president said in court documents that he resigned.
Penn State Spokesman David La Torre said Spanier is currently on paid leave and his contractual agreement includes a $600,000 salary.
Attorneys for Spanier Timothy Lewis and Peter Vaira declined to comment on Spanier’s compensation.
La Torre said the university will include information of the severance package in the university’s next Right to Know filing.
“The University previously only released such information in May through its annual Right to Know filing,” La Torre said. “This information will be included in the next filing as well, but it was released today as part of the University's ongoing commitment to be more open and transparent.”